Hemp, Inc.’s North Carolina Operation Enters $1 Million Sales Agreement for Proprietary Loss Circulation Material Product, DrillWall
SPRING HOPE, NC, Feb. 04, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE — Hemp, Inc. (OTC PINK: HEMP) a global leader in the industrial hemp industry with bi-coastal processing centers, including the largest multipurpose industrial hemp processing facility in Spring Hope, NC, a state-of the art local processing center in Southern Oregon, a 500-acre hemp growing Veteran Village Kins Community in Golden Valley, Arizona, two model “Small Family Hemp Farms” in North Carolina and Arizona, and a pre-roll blending manufacturing facility in Las Vegas, NV, announced today that Hemp, Inc.’s wholly owned subsidiary, Industrial Hemp Manufacturing, LLC (IHM), is now fulfilling a $1 million dollar sales agreement for its DrillWall™, their proprietary kenaf-hemp blend natural Loss Circulation Material (LCM) product for the oil and gas well drilling industries.
The Company has executed a sales agreement to sell $1 million worth of DrillWall™ over the course of one year. According to Hemp, Inc. CEO, Bruce Perlowin, IHM received its first $30,000 payment and shipped the first batch of DrillWallTM out about a month ago. Yesterday, another $60,000 payment was received for the second batch of DrillWallTM. “We expect another $90,000 to go out this month and $150,000 to be shipped in March with the balance being shipped throughout the rest of 2020,” said Perlowin. IHM is based in Spring Hope, North Carolina, and is the production facility for DrillWall™, along with other industrial hemp products.
DrillWall™ is a tested LCM made of kenaf and hemp cellulose. It includes milled products from kenaf and hemp that are made into oil drilling fluid additives and oil absorbents. IHM management was key in developing this product years ago for the oil and gas drilling industry, which has had a positive impact on many large projects.
DrillWall™ is insoluble in water, non-toxic, and is a biodegradable drilling fluid additive used in oilfield drilling applications. This product is used by many major oil, water and gas companies. Loss circulation of drilling fluids can have severe impacts on the time, money and safety of any project. The Company’s proprietary LCM product also acts as a borehole stabilizer, a lubricating agent, as well as prevents differential sticking. The proprietary LCM product works faster to plug the leaks and is cost competitive with most LCM materials.
According to a report from Research and Markets, the global industrial hemp market is projected to grow from USD 4.6 billion in 2019 to USD 26.6 billion by 2025, recording a CAGR of 34%.
“We will be consistently distributing Hemp, Inc.’s proprietary Loss Circulation Material over the course of our contract. We are especially excited about the increased interest in DrillWall™. It’s an example of the way hemp is being used for the sake of sustainability and the way Hemp, Inc. is spearheading that movement,” said Hemp, Inc. CEO Bruce Perlowin. “On a cost-performance basis, DrillWall™ is superior to most LCM’s in the marketplace and is the best option for buyers looking for non-toxic alternatives for their operations.” To see the technical specifications of Hemp, Inc.’s DrillWallTM, click here.
“This marks a major change in the direction of the company from building the industrial hemp infrastructure to generating what we expect to be massive revenues by now aggressively focusing on sales and marketing. The shareholders can expect to see upcoming press releases announcing revenues being generated by our 10 divisions. The year 2020 will be a banner year in terms of generating income,” concluded Perlowin.
To see one-minute videos of Hemp, Inc.’s current activities, visit Bruce Perlowin’s personal Facebook page, where he shares daily posts of Hemp, Inc.’s activities around the country. For more info on DrillWall™ click here and here. Those interested in this product can contact Sandra Williams, IHM’s Plant Manager, at swilliams@hempinc.com.
PLEASE NOTE: The following information has been updated to reflect Hemp, Inc.’s current state of affairs.
